In the latest Cointelegraph Report, we sought to uncover the real value that AI brings to the crypto industry beyond the hype surrounding the technology. To do this, we look at three main areas where AI is impacting cryptocurrencies: trading, data analytics, and user experience.
For many years, trading robots have allowed users to execute trades in an automated manner based on certain preset parameters.
With the recent development of large language models like ChatGPT, AI-powered bots are capable of processing large amounts of historical data, which can be useful in predicting future price movements.
However, despite the latest advancements, AI-powered bots are still not sophisticated enough to craft complex trading strategies.
โIt's basically like having a bunch of dumb partners who can, who can do very basic commands, but they themselves can't do any very complicated thinking,โ said Eric Crown, a professional cryptocurrency trader and YouTuber, sharing his personal experience. . with AI-powered robots.
In terms of data analysis, AI tools can process large amounts of public data scattered across the blockchain, providing valuable insights into the dynamics of the crypto ecosystem and assessing potential market risks.
However, a large amount of market data is kept off-chain by centralized exchanges and is therefore not publicly available. That limits AI's ability to make accurate assessments.
To learn more about the real value at the intersection of AI in cryptocurrencies beyond the hype, check out the full Cointelegraph Report on our YouTube channel and be sure to subscribe.
